Parnassus Investments LLC Has $571.15 Million Holdings in Ferguson plc $FERG

Parnassus Investments LLC cut its holdings in Ferguson plc (NYSE:FERG) by 15.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,565,454 shares of the company’s stock after selling 460,205 shares during the quarter. Ferguson makes up approximately 1.5% of Parnassus Investments LLC’s holdings, making the stock its 28th biggest holding. Parnassus Investments LLC’s holdings in Ferguson were worth $571,147,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Leonteq Securities AG acquired a new stake in Ferguson in the fourth quarter valued at about $26,000. Basepoint Wealth LLC acquired a new stake in Ferguson in the fourth quarter valued at about $26,000. Central Pacific Bank Trust Division acquired a new stake in Ferguson in the fourth quarter valued at about $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in Ferguson in the third quarter valued at about $28,000. Finally, Grove Bank & Trust boosted its stake in Ferguson by 154.4% in the fourth quarter. Grove Bank & Trust now owns 145 shares of the company’s stock valued at $32,000 after buying an additional 88 shares in the last quarter. 81.98% of the stock is owned by institutional investors and hedge funds.

Ferguson Stock Performance

Shares of FERG stock opened at $227.40 on Friday. The business’s 50-day moving average price is $241.17 and its 200-day moving average price is $241.15. Ferguson plc has a 12 month low of $207.64 and a 12 month high of $271.64. The firm has a market capitalization of $44.10 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 1.59 and a beta of 1.15. The company has a current ratio of 1.78, a quick ratio of 0.96 and a debt-to-equity ratio of 0.68.

Ferguson (NYSE:FERG) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.14. Ferguson had a return on equity of 38.81% and a net margin of 6.98%.The firm had revenue of $7.47 billion for the quarter. During the same period in the previous year, the business posted $2.50 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Equities research analysts forecast that Ferguson plc will post 11.26 EPS for the current year.

Ferguson declared that its Board of Directors has initiated a share buyback program on Tuesday, May 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Ferguson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Friday, May 15th will be paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, May 15th. Ferguson’s dividend payout ratio (DPR) is presently 41.40%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Ferguson in a research note on Tuesday, February 24th. UBS Group raised their price objective on Ferguson from $220.00 to $252.00 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Oppenheimer raised their price objective on Ferguson from $255.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Weiss Ratings lowered Ferguson from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 20th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Ferguson in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $277.77.

Ferguson Company Profile

Ferguson (NYSE: FERG) is a multinational distributor specializing in plumbing and heating products and related building supplies, serving professional contractors, builders and industrial customers. The company supplies a broad range of products used in residential, commercial and infrastructure projects, including pipes and fittings, valves and controls, HVAC equipment, waterworks materials, plumbing fixtures, pumps and accessories, as well as complementary electrical and specialty product lines.

Ferguson operates a network of branches and distribution centers that provide inventory, logistics and value-added services to trade customers.